The Nasdaq Composite rose 0.7% and the S&P 500 gained 0.3% on Friday, led by a 10.8% surge in Amazon shares after the company said cloud revenue climbed 20% in the third quarter and beat estimates, lifting tech names broadly. The Dow traded up 60 points. Palantir and Oracle added 3% and 2.8%, repsectively, on AI optimism and Nvidia also traded higher. Elsewhere, Netflix rallied 2.9% on an announced 10 for 1 stock split and Tesla jumped 3.1%. Energy names diverged as Chevron rose 1.9% on stronger earnings and Exxon Mobil slipped 1.5% after a profit decline. On the other hand, Meta fell...
The Australian Dollar (AUD) is consolidating gains against the US Dollar (USD) on Friday, buoyed by weakness in the Greenback amid growing expectations that the Federal Reserve (Fed) will cut interest rates in September, following soft labor market data and signs of a slowing US economy. At the time of writing, the AUD/USD pair is trading around 0.6520 during the American session, heading into the weekend poised to post weekly gains of approximately 0.80%. Meanwhile, the US Dollar Index (DXY), which tracks the value of the Greenback against a basket of six major currencies, remains pinned...
The Swiss Franc (CHF) remains subdued against the US Dollar (USD) on Friday, with USD/CHF hovering in a familiar range established this week, as traders weigh the latest US tariff decision targeting Swiss Gold exports and its potential fallout on Switzerland's economy and trade relations. At the time of writing, the pair is trading around 0.8080, struggling to break out decisively in either direction amid cautious market sentiment and diminished safe-haven demand, as risk-on mood prevails on the back of strong global equity markets. The spotlight is firmly on Switzerland's gold industry...
Oil prices edged lower on Friday and were poised for the steepest weekly losses since late June on reports of a deal between U.S. and Russia, and a tariff-hit economic outlook. Brent crude futures were down 7 cents at $66.36 a barrel by 11:18 a.m ET (1518 GMT). U.S. West Texas Intermediate crude futures eased 21 cents, or 0.3%, to $63.67. Brent was on track to fall 4.8% over the week, while WTI was set to finish 5.5% lower than last Friday's close. Washington and Moscow are aiming to reach a deal to halt the war in Ukraine that would lock in Russia's occupation of territory seized during...
Gold Price steadies in the spot markets, yet the futures reached a record high of $3,534 on reports that the United States (US) will apply tariffs on imports of Gold bars. Besides this, market players continued to digest US economic data revealed during the week as traders brace for the release of inflation figures next week. The XAU/USD trades at $3,397, virtually unchanged. During the overnight session, the price spread between New York Comex futures and spot prices widened by more than $100, as revealed by Reuters after the Financial Times reported on Thursday that the US imposed tariffs...
Oil steadied after a run of declines, as traders await US President Donald Trump's next moves to halt the war in Ukraine after he announced tariffs on India this week for taking Russian oil. Brent was marginally higher above $66 a barrel, after six straight drops, the longest run since May. Trump — who'd set a deadline of Friday for Moscow to agree to a truce — said that he'd be willing to meet with Vladimir Putin, even if the Russian leader hasn't yet agreed to sit down with Ukrainian President Volodymyr Zelenskiy. Earlier this week, Trump doubled levies on all Indian...